DUBLIN--(BUSINESS WIRE)--The "Automotive Wheel - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Wheel Market to Reach $45.3 Billion by 2027
The global market for Automotive Wheel estimated at US$31.1 Billion in the year 2020, is projected to reach a revised size of US$45.3 Billion by 2027, growing at a CAGR of 5.5% over the analysis period 2020-2027.
Steel, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach US$14.3 Billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alloys segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.8 Billion, While China is Forecast to Grow at 8% CAGR
The Automotive Wheel market in the U.S. is estimated at US$5.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.8 Billion by the year 2027 trailing a CAGR of 8% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
Other Materials Segment to Record 6.2% CAGR
In the global Other Materials segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.4 Billion in the year 2020 will reach a projected size of US$6.6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.4 Billion by the year 2027, while Latin America will expand at a 6.8% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- A Review of the Changing Automobile Business Models & the Growing Role of Innovative Component Suppliers
- Wheel Manufacturers Take Over With Disruptive Innovations that Bring Them to the Fore
- A Large Automotive Components Market Catalyzes the Role of Suppliers & Pushes Up the Importance of Innovation
- Effervescent Automotive R&D Spending Bodes Well for Innovation-Induced Market Expansion of Wheel Systems
- A Review of the Engineering Importance of Wheel Structure in an Automobile
- Impact of Covid-19 and a Looming Global Recession
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 127 Featured)
- Accuride Corporation
- Alcar Holding Gmbh
- Borbet GmbH
- Citic Dicastal Co., Ltd.
- Enkei Corporation
- Hitachi Metals Ltd.
- HRE Performance Wheels
- Iochpe-Maxion S.A.
- Mangels Industrial
- Ronal AG
- Steel Strips Wheels Ltd.
- Superior Industries International
- ThyssenKrupp AG
- Topy Industries, Ltd.
- Vossen Wheels
- Zhejiang Wanfeng Auto Wheel
3. MARKET TRENDS & DRIVERS
- Although Beset With Twists, Turns & Bumps, the Generally Healthy Automobile Production Trend to Spur Growth in the OEM Market
- Busy Assembly Line Especially in Asia Keeps the Automotive Supply Chain Well Oiled With New Opportunities
- Affluent Middle Class in Asia to Benefit Vehicle Ownership Patterns
- With 64% of the World Middle Class Population by 2030, Asia-Pacific Ranks as an Important Market for Automotive Components
- Expanding Base of Middle Class in the Asian Region Sets the Stage for Automotive Consumerism
- The Changing Automotive Aftermarket Brings In a Rich Mixture of Opportunities & Challenges for Independent Parts Manufacturers
- Independent Part Suppliers Have Ample Opportunity to Tap in the US$847 Billion Auto Aftermarket
- Customized Aftermarket Wheels Grow in Demand as Car Owners Eye Aesthetics
- Pothole Epidemic Increase the Frequency of Wheel/Rim Replacements in the Aftermarket
- Engineering Focus Shed on Lightweighting, a Key Trend Driving Material Innovation
- Growing Consumption of Aluminum in Vehicle Manufacturing to Spur Adoption of Aluminium Alloy Wheels
- Newer Materials Like Alloys to Witness Robust Long-Term Growth
- With the Fastest Growth, Carbon Fiber is On Course to Achieving Mainstream Adoption
- 3D Printing to Revolutionize Wheel Design
- A Review of Major Raw Material Prices
- Increasing Aluminum Prices Squeeze the Margins of Aluminum Wheel Manufacturers
- Softening of Steel Prices Due to Slowdown in Infrastructure & Construction Bring Relief to Steel Wheel Manufacturers
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/b46wi2
